# SEPARATOR SHEET ![img-0.jpeg](img-0.jpeg) 19-6-2 --- ANNUAL REPORT # Annual 2024 ## Brave Bison Report ![img-1.jpeg](img-1.jpeg) 2024 --- 17 # Strategic Report | Our Year | 04 | Section 172 | 11 | | --- | --- | --- | --- | | Our Model | 05 | Principal Risks and Uncertainties | 12 | | Chairman's Review | 07 | Our Story | 13 | | CFO's Review | 09 | | | # Governance Report | Our Directors | 38 | Audit and Risk Committee Report | 41 | | --- | --- | --- | --- | | Statement of Corporate Governance | 39 | Remuneration Committee Report | 42 | | | | Directors' Report | 44 | # Financial Statements | Independent auditor's report | 46 | Consolidated Statement of Changes in Equity | 56 | | --- | --- | --- | --- | | Consolidated Income Statement and Consolidated Statement of Comprehensive Income | 53 | Notes to the Financial Statements | 57 | | Consolidated Statement of Financial Position | 54 | Company Balance Sheet | 83 | | Consolidated Statement of Cash Flows | 55 | Company Information and Advisers | 89 | --- 22 BraveBison is a media, marketing and technology company purpose built for now, and what's next. Completers know the only constant. We rest to help businesses **capitalise on it**. ![img-2.jpeg](img-2.jpeg) Since 2020, net revenue has increased 5.3x and Adj. EBITDA¹ margins have grown from zero to 21%. * Adjusted Basic Earnings per Share | £21.3m | +2% | £3.9m | +7% | | --- | --- | --- | --- | | Net Revenue | YoY Change | Adjusted Profit Before Tax¹ | YoY Change | | £7.5m | +10% | 0.30p | +3% | | Net Cash | YoY Change | Adjusted Basic Earnings per Share² | YoY Change | ¹ Adjusted Profit Before Tax is a point after using basic assets for trade, manufacturing costs, transportation, and transport purposes. *Adjusted Basic Earnings per Share* Adjusted Basic Earnings per Share | £10 | 0.30p | 0.30p | 0.30p | | --- | --- | --- | --- | | £10 | 0.10p | 0.30p | 0.30p | | £10 | FY20 | FY21 | FY22 | | FY23 | FY24 | FY25 | FY26 | | FY27 | (0.30p) | (0.30p) | (0.30p) | | £100 | Net Cash | Net Cash | Net Cash | | £100 | | | | --- 44 45 # Our model We capitalise on complexity from trend to spend. ## TREND SPEND - Digital Media Network Supporting, in-situ advertising, revenue and trending continues the world's leading social platforms. - Engage - Sport and Entertainment consultancy Building leaders through digital sectors. - SocialChair - Social and Influencer marketing Social first marketing strategy that connects brand recognition, consumer and online communication to both public and need. - BraveBison - Paid Performance Building brands and driving - close to cognitive through digital media. - BraveBison - Organic Performance Optimising user business of platforms to attract brand-announced users. - BraveBison - Technology & Experience Building awareness on district digital experience and research their content. --- Chairman's Review ![img-3.jpeg](img-3.jpeg) 2024 was another strong year for Bruce Bison. We outperformed in our peers, and were pleased to report net revenue of $25.5m (2023: $30.9m), growth of 2% year on year, as the excluding out 50 operations which have now been scaled back. No acquisitions were completed in the period but the acquisition of Engage was announced in December 2024 and completed in January 2025 and the acquisition of Bullmobles completed in March 2025. Adjusted profits increased to $2.5m (2023: $3.6m), growth of 2% year on year and our balance sheet remained healthy at year-end with net cash increasing to $7.5m (2023: $8.3m). Sometime profit before tax was $3.0m (2023: $3.1m), an increase of 75% year-on-year. Our business trades as one single company with three connected divisions: Bruce Bison, SocialChem and Open & Entertainment. ## Bruce Bison Bruce Bison is our digital marketing and technology division that partners with Howard deMing businesses that are looking to leverage digital advertising channels to drive sales and grow online. Here we combine acquisition technology with named leading expertise and return close service across our corporate medium. The company could be digital clients and still on platforms such as Google, Meta and TikTok. During the year we was now engagement with The Cloud Corporation, a global crowd and case scenarios, and Team Cooking, one of the fastest growing fashion retailers in the UK. Our differentiated and technology-enabled presentation is extending with major adversaries and we continue to build out new capabilities. Holland OPT is our proprietary AI tool. Each three Bison customer gets their own OPT, a generative AI model created on over 400,000 of them to be publicly leveraged within 6 millionths. Our new software and technology enabled presentation is technology with major adversaries and we continue to build out new capabilities. Holland OPT is our proprietary AI tool. Each three Bison customer gets their own OPT, a generative AI model created on over 400,000 of them to be publicly leveraged within 6 millionths. Our new software and technology enabled presentation is extending with major adversaries and we continue to build out new capabilities. ## SocialChain SocialChain, which we acquired in February 2023 and subsequently integrated into our operating platform, is our creative and strategic division. Here we work with global advertisers to build their brands on social media and help them to gain access to new, younger audiences. We employ strategic consultants, social-free content production and online evaluations with inconsistencies to help our customers set through the digital sector and engagement customers. The year saw significant traction with new customers including ShareHop and Sony Pictures and we were delighted to welcome our new divisional CEO, Jackson Paul. SocialChain leverages no brand platform out-of-town, a popular podcast and event series to drive brand awareness, generate relevant opportunities and consolidate our reputation as the game partner for all things social media and content. Guests during the year included representatives from BBC, John Lewis, Marisa, American Express, Daily and Bowling.com, all of which became public ambassadors for Bruce Bison and SocialChain. Monthly podcast downloads averaged 8,000 in 2024. ## Open & Entertainment Open & Entertainment is where we own and operate a network of social media channels on platforms like YouTube, Meta and TikTok. We work with global rights holders and sports federations to create digital strategies, produce digital content and introduce digital channels across various different digital platforms. Our partners, such as LA Harts, PGA Tour, RpSor Cup, US Open and Australian Open, have seen strong growth over the last few years and we have big plans for the years ahead. Outside in 2014 grew up the confidence to assume Engage digital channels is a transaction that exchanged to December 2024 and completed in January 2025. Engage is a specialist sports marketing company that works with the world's leading sports federations and means including ICC, Formula 1, Red Madrid and New Zealand Rugby. International sports federations are increasingly moving direct for consumer, operating structures. Our platforms and rights products in order to better connect with their firm and member audiences. Engage is a crucial partner for organizations on this journey and the vision will now be able to provide the best channel management as part of our existing sports network. ## Acquaintance We were also pleased to announce an exciting built-in transaction post-sorted end. In March 2025 we acquired Bullmobles, a performance marketing agency specialising in search engine optimization. Bullmobles has excellent customers including marketers, Avros and Avro, and an award-winning team of 35 professionals. ## Outlook Bruce Bison is a well-capitalised, profitable and cash generative digital credit, and technology company that has a track record of acquiring and integrating businesses into its platform. Despite the backup, new and new sector, we have grown net revenue to $33% since 2020, underlying fiscal 47% by 48% since 2021, and increased net cash every year since 2025. We continue to win new clients, expand our capabilities ahead of the competition and make countries capabilities that drive us forward. We are excited for the future and look forward to updating shareholders throughout the year. Finally, we intend to proceed with a 2021 consultation of the Company's shares, a resolution that will be put to shareholders at our 45th this year. Further detail will be included in the 45th notice, but the Board believes a consolidation will not only improve the liquidity and routing activity of the Company's shares, but also enhance the perception of the Company and its prospects, and help improve the sustainability of the Company's shares to a wider group of investors. ![img-4.jpeg](img-4.jpeg) ![img-5.jpeg](img-5.jpeg) ![img-6.jpeg](img-6.jpeg) 07 --- CFO's Review ![img-7.jpeg](img-7.jpeg) WEM was another solid year for Bruce Bison in pickling markets. SocialChain, which we acquired in 2003, had a particularly strong year, with not revenue growth of $154, from 2003. One of our revenue figures profit increased by 0% to £51.2 million (2002: £56.8 million) and adjusted profit before tax, a measure of underlying profitability, increased by 1% to £3.9 million (2002: £3.6 million). Including per 00 operations, which were limited back during the year, our revenue growth was 8%. After the successful acquisition and integration of SocialChain in 2003, we have been focused on fueling our new acquisition. We have now built on a field the pipeline, and were pleased to announce the acquisition of Europe Digital Partners in December 2004. Engage is a global sports marketing company that works and that we're a largest sports brands, and compliments our existing partnerships with the Men of PSA, First, US Open and Australian Open. There has been continued importance into 2003, with a further acquisition of Butchrooks, which is a performance marketing agency which will become our organic performance payroll may well share, with clients such as Specsenses and Aviva. During the year the Company earned an accurate restructuring to a new and novel distribution manner. The revenue prevailing for balance spending is the credit of the chain premium account and the capital redemption reserve of the company and operating a historical margin relief reserve through the lease and subsequent cancellation of 8.5% every share. This should give the Company further flexibility to obtain shareholder returns over the coming years either in the form of dividends, or purchases of the Company's own shares. ## Principal Activities During the year we have evolved the way we look at the business and comparability our applicants' analysis. Previously this was cost between the initial resources revenue and advertising revenue. As our business has In our Content arm of the business we offer services around possible, central production, influence advertising and community management, which help drive brand awareness and connect our clients to communities. SocialChain, Engage them 104% networks and our media network make up this side of the business. On the Media & Technology side we have more performance, data driven and tech enabled marketing their driver-ables transactions and backbone conversion. This includes search engine optimization, e-commerce software integration, post media services and AI tools. Our Content revenue stream showed good growth during the year, with the gross profit increasing by 22% to £11.0 million (2003: £9.0 million). This was predominantly driven by growth in SocialChain following some major client wins. Within Media & Technology we see strong demand for our performance marketing services. In particular our at-shown offerings such as AudiovisualTV (audience research), and AdQuota (performance creation). We did however see revenue relating to commerce systems integration and website builds reduce during the year, as clients and budgets as hard and delayed signing off large scale open investments as a result of real-recurrence factors. This resulted in an overall reduction in gross profit in the cost of our business of 12% to £10.7 million (2006: £11.9 million). ## Margins and Operations Bruce Bison adjusted EBTDA margin has grown from 0% in 2000 to 25% in 2004. This growth has been driven by a continued focus on operations installation. We have increased in costs of this the group is strategic depending and want for any improve efficiency and have successfully integrated all of our acquisitions to enable us to centralize operations and make savings. ## Exceptional Costs and Adjustments During the year Bruce Bison incurred restructuring costs of £6.5 million (2003: £6.9 million). The majority of this return to the restructuring of SocialChain, including £0.5m relating to settlements associated with the scaling back of the US operations, and £0.1m relating to commuting issues and software contracts. There were also restructuring costs relating to staff termination payments and excise periods as a result of the lower-than-empowered revenue from commerce systems integration. Finally, there were some legal costs associated with the capital transaction that was carried out during the year to give the Company distribution manner. Bruce Bison recorded acquisition costs during the period of 00.3 million (2002: 00.6 million). These costs relate primarily to legal and professional fees incurred in the due diligence of acquisition opportunities. Amortization of acquired intangibles relates to the amortization of customer relationships acquired as part of previous acquisitions and the amortization of the brand name acquired as part of the SocialChain acquisition. | | 2003 | 2002 | | --- | --- | --- | | | £ | £ | | Adjusted EBTDA | 4,491 | 4,277 | | Finance costs | (555) | (542) | | Finance income | 252 | 189 | | Depreciation | (641) | (684) | | Adjusted Profit before tax | 2,804 | 2,638 | | Restructuring costs | (207) | (200) | | Acquisition costs | (255) | (247) | | Improvement charge | - | (59) | | Amortization of acquired intangibles | (397) | (399) | | Equity certain share based payments* | (383) | (433) | | Profit before tax | 1,202 | 1,110 | The Group had real value of 537 million during the period (2002: 20.4 million) which we want to be our first position operating cashflow throughout 2003. Our business is sold to significant cash growth, which is further validated by our companies, since we have significant tax losses which we can utilize across the group. The Group is carrying on organic assets of £12.2 million (2003: £12.1 million). There were no intangible assets capitalized during the year (2002: £2.8 million relating to the purchase of SocialChain). The Group does not capitalise any wages. ## Capital Allocation Policy The Director's first priority creates the ongoing investment into the business to support the long-term growth of the Company. This has previously involved both an acquisition to achieve key business areas, and we expect that to continue for as long as directive approaches are available. Beyond this, the Director's believes that Bruce Bison has reached a sufficient one and wide to begin paying dividends. The Director's intend to implement a progressive dividend policy to return excess cash to shareholders, commencing in PISA with the Company's first dividend in 12 years as a listed business. The Director's are declaring a final dividend for the year ended at £0.5m (P150: 0m$), equivalent to 0.05p per share. Subject to verification at the Company's AMA, the dividend will be paid on 27 June 2005 to shareholders listed on the register of members on 30 May 2005. The shares will be marked as dividend on 30 May 2005. | Key performance indicators | | | | --- | --- | --- | | | 2004 | 2003 | | | £'000 | £'000 | | Revenue | 31,341 | 30,922 | | Adjusted EBTDA | 4,491 | 4,277 | | Adjusted Profit Before Tax | 2,804 | 3,638 | | Adjusted Earnings per m 3-twty | 0.20 | 0.19 | | Share (pence) | | | | Profit before tax | 1,952 | 1,791 | | Gross Cash | 7,603 | 6,930 | | Net Cash | 7,468 | 6,707 | The movements in these key performance indicators are discussed above and in the (A)pmap15 income Philip Morris Philip Morris Inc. Chief Financial Officer 3 April 2003 --- # Section 172 Statement ## Customers, Platforms and Suppliers The Group is customers and the officers and chemical partners who appoint the Group to undertake programmes of work. Customers are reviewed by dedicated employees of the Group, and customers receive updates on progress by way of regular business reviews. The Group works with various social and digital media platforms to publish and monetise mass content, as well as attention on behalf of customers. The Group has controlled teams that meet regularly with each platform, and discuss current performance, new opportunities and new products. The Group has long-standing relationships with suppliers and leads all regularly a fairly. Controlled commitments to suppliers are met in a timely manner. ## Exchanges ### Unambulance ### Unannulled ### Taxation ### Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation ## Taxation --- # Our Story ## Our mission The Chief Marketing Officers's world is more complex than ever. New platforms, new behaviors, new technologies, and regulations emerge daily, making it harder than ever to chart a course to growth. Yet the last century that with 41 rapidly reducing every channel within the modern marketing mix, it's completely in only ten to increase. And the agency landscape is the only companies that are either too cumbersome, too dependent on legacy media or too narrowly specialized to keep pace. At those times, our mission is similar: we exist to capitalise on this complexity. This is our edge, setting on open lines that centralize. As marketing budgets continue to shift from traditional media to digital channels we are focused on building a collective of digitally-native specialties that offers our clients something businesses need to grow in the modern era and nothing they don't. But unlike our competitors, when we propose new specialties, we don't bring them together in more only. We invest heavily in technology, experience. At testing and leading values to study hospitals ad we business units within a single operating model. Precisely ahead of the pack, we were using in to enhance workflows, turn data into insight and bridge the gap between strategic planning and the need for rapid data-driven decision-making long before our competitors, furnishing our teams with a robust arsenal of preparatory and third-party tools that ultimately gets down to better outcomes faster. This, enabled with a culture underpinned by shared values, allows us to push the best benefits of efficiency and agility on to our clients. As a result, we are better positioned than our competitors to truly set through the complex—connecting the data across our diverse specialist teams to build dynamic digital solutions for our clients. In doing so, we offer a focused, powerful and in-demand solution in a market with long term tellurists, tips for further growth. By 2020, global ad spend is projected to US $1.24 trillion, an 80% increase from pre-pandemic levels in 2019. Of this, the social media advertising market worldwide is projected to reach $100.3 trillion in 2019, with an annual growth rate of 66.7 billion (1921) of 10.3%, leading to a projected market volume of $438.3 billion by 2020. The market for this marketing is estimated at $80.3 billion in 2020, with a yield of $21.2bkly to accelerate its value in 208.8 billion by 2021. ![img-8.jpeg](img-8.jpeg) Spring Paper 2020 --- 2 # Why buy the **bloat?** By reducing the amount of energy you need to eat, you can also reduce the risk of heart disease and heart disease. ## Multiple Specialists Consider the following benefits of multiple specialists: - Require the same to provide you with more energy - Be the leader of the group ## Traditional Ad Networks Choose an artificial network that measures your energy and your health - Be the leader of the group - Be the leader of the group ## Brave Bison Can provide customers with more energy and the very best way they can help them - Be a good source of energy and a strong amount of energy to them ![img-9.jpeg](img-9.jpeg) ![img-10.jpeg](img-10.jpeg) # Why we win A multi-scale and dynamic comparison of deep approaches across the four red growing areas of digital marketing Not what the legacy advertising plunder is a generate revenue Book a big time, saving block to build on 1 take-pregnantary attitude to market An advanced adult ought to about a great time. Social media and other operating models are not In the general business class that most likely play about different, independent consumers and even mixed-some media are highly and premium. ![img-11.jpeg](img-11.jpeg) ![img-12.jpeg](img-12.jpeg) # How we deliver A new, globally distributed team and hybrid-free work markets approach Deep partnerships with developing media platforms and comparable consumers to Analogies One operating, finance and delivery system A new, but cumbersome, brand-aware, and active revenue, which and customer for future growth A hybrid, third-engagement programmes including quarterly revenue, ad information maps and support plans to support future opportunity ![img-13.jpeg](img-13.jpeg) ![img-14.jpeg](img-14.jpeg) ![img-15.jpeg](img-15.jpeg) --- new balance Shark|NINJA ![img-16.jpeg](img-16.jpeg) UNION OF MELLADEZ HAMILTON, BOSTON, FRANCE, MELLADEZ, GUATEMAL, MELLADEZ, MONTEREZ, YUGOSA Longstanding client New Balance partnered with us to deliver an audience-led, paid social strategy to maximize sales ahead of the London Marathon 2024. Our approach combined personalized all creative, machine learning, and optimized product leads to enhance visibility and ownership rates while managing interest competition from their direct-to-consumer links. By aligning our campaigns with marathon training timelines and tailoring managing its different metabolites by running, we maximized engagement across key markets including trainee, Spain, and France—according interest targets and delivering transition results like running campers revenue versus the previous London Marathon period. ![img-17.jpeg](img-17.jpeg) SharkNinja partnered with us to launch their CrysGlow LED mask in the UK with a large-scale influencer campaign. --- AO FUTURE VILLAGE ![img-18.jpeg](img-18.jpeg) Through industry-leading channel management, we've helped the Australian Open secure triple digit increases in YouTube subscribers and views year on year—resulting in significant quits in advertising revenue via the channel. Our team created a year-round content strategy including ongoing channel commission and sustained by additional in-transitment content including YouTube Sheets. To deliver this work is valuable, you're not on YouTube to face. Furniture Village partnered with us to overhaul their ecommerce strategy to drive new online and in-store sales. By restructuring their paid search app work, optimizing their product levels, making technical improvements to their site performance and leveraging automation, we reviewed efficiency and maximized connections despite using advertising costs in their category. The outcome was strong sales growth over an year from both offline and in-store costs. --- 1 # Spotlight on... Engage ![img-19.jpeg](img-19.jpeg) In December 2024, we announced the acquisition of global sports marketing business Engage Digital Partners. Engage delivers dynamic target-engagement campaigns via a broad vision of services including digital content and commercial strategy, creative promotion, social media management, measurement, analytics and digital social management through an overall technology stack. Established by current CEO Engage Outfield following a management impact from England April 11, 2012, it focuses on available costs of global court and entertainment clients including Formula 1, ICC, Real Madrid, and New Zealand Rugby. With offices in London, Australia and India, Engage's clients benefit from DOT follow the real industry and a global strategic perspective. NorwFO this will now be ceased on to enter those three clients. The business uses a combination of proprietary technology, digital strategy and partner couples to help sports technicians and rights holders view the engagement and take a more personalized approach to building audience, driving ticket sales and shifting more lucrative commercial partnerships. As part of the deal, Engage will combine with the Brand Team Media Network of sports and entertainment channels, which partners with leading rights holders such as the PEX, Port, Racer Spa, US Open, Australian Open, O'GTO and La Mesa to offer channel and rights management services alongside content strategy and production. The combination will create an enlarged System and Entertainment division for those Team that will service some of the biggest businesses across football, cricket, rugby, motorsports, tennis, golf and e-sports. It will also work closely with our social firm creative and strategy agency, SocialChain, to help users and entertainment brands unlock new audiences through emerging channels and culture strategy, as well as helping leading brands achieve their sports sponsorships and partnerships through social media channels—from content to commerce. # Spotlight on... SocialMinds In 2023, SocialMinds, our thought leadership platform, was thriving. Our owned podcast was interviewing some of the most exciting brands on social and we had a thousands-strong subscriber community made up of the likes of Disney, Formula 1 and PepsiCo. But we recognized an opportunity to scale this platform as a growth and new business tool, bringing together the previously unmerciful SocialMinds community with an industry-funding community that would not be able to line more with some of the best minds on social. On this year we've successfully produced not one, but three edition SocialMinds LIVE events across London and Manchester, bringing together speakers from leading brands such as Getty, TikTok, Moros, Surreal, Spectators and John Lewis. Over 900 brands and marketers have attended one of our events including aspirational clients such as Kent, Subway, Carfax, Momola, Chipson + and Greene Alloy - several of whom have gone on to become in profit. These events aren't just well-known; they're celebrated in our industry. In fact, every major social platform (Meta, Xtremex, LinkedIn and TikTok) has joined us as a speaker, including, at our October 2024 event, an exclusive workshop sponsorship with Reddit. On top of this, the SocialMinds podcast averages 8000 monthly banners, interviewing global brands like Copal Beach, Dostingo and Banning.com. ![img-20.jpeg](img-20.jpeg) 1 --- 1 # Spotlight on... AudienceGPT ![img-21.jpeg](img-21.jpeg) ## In line with our mission to capitalise on complexity, we developed AudienceGPT for one reason and one reason only: to drive the best possible value for our clients. We know that audiences are at the heart of any good marketing strategy. But sometimes, brands have limited amounts of consumer data. Develops community towards have as much audience data than it's hard to know when to look true. In both cases, building out target audiences and bringing automatic insights takes time and careful consideration. Our solution bridges the gap between multistores strategy planning and the need for rapid, data-driven decision-making. Both on the foundation of our internal processes and frameworks, AudienceGPT is being used by clients such as Max Eidman, Heart Clothing, Greene King, Profitex and Bausch Comixall Ltd. - Provide sustainable audience and market insights for future decisions - Provide marketing objectives for equitvised budgets - Pressure test strategy approaches and creative outputs for increased confidence ©Max Eidman 2002 # Spotlight on... The Hook The Hook is one of the most successful channels in our owned and operated media network. It takes its audience onto the red carpet, providing access to Oscar winners and arming over 9million fans with up-to-the-minute TV and film knowledge. With a local forbess of Dard and Millennial film buffs, the Hook has become not everyone from fixed Pets to Ultra-Crossers, and in regularly hosted to red carpet and prime screen while the industry has a truly social first entertainment audience, it has more F4/5A. Between them legacy brands like OZ and Dazed, and a global audience that attymer established film guidelines such as Empire and Little White Law. ![img-22.jpeg](img-22.jpeg) --- 16 # Our Strategy ## Our 2025 Business strategy Our vision: craft dynamic digital solutions to outpace consumer's challenges. Our mission: help clients capitalize on complexity How we do this: help deepen integration of our specialisms through shared goals and success measures to become a more strategic partner in clients ![img-23.jpeg](img-23.jpeg) ![img-24.jpeg](img-24.jpeg) ![img-25.jpeg](img-25.jpeg) ![img-26.jpeg](img-26.jpeg) ## Strategy Growth & Marketing People, Planet & Community Operations & IT Proprietary Tech & AI Our mission: connected clarity, bold curiosity, constant impact, positive encouragement Group Report 2024 --- 1 # Online outstanding work Our final catchment must deliver the general information on the right of every single piece of work (e.g. word, space, site business, including the "by" strategy of research to assess grilling's right. This "site" and existing session items help develop by delivering partners reviewed for evaluation and input. We aim to flex through more structured and consistent funding scenarios, and encourage that focus on quality control and regular feedback loops, as well as structured programs to also use innovation, measurement and reporting. # Expand our status to market A setting on the street located one of a size 6.5 mile brand, integrated growth team, continued 21.5 years has continued to fill and elevated brand positioning that we established in 1994, we must maintain our attention to expanding our system to market. Bringing together leading brands helps from increasing open access, we will develop new consultative approaches and experience with "online" market sensitivity. These budgets specialize in the best online space, and better average strategic technology and multi-catchmenting, as well as our own people to determine levels relative to areas. # Area use efforts With new innovation for huge patient, the doubling tower setting quality of our existing client relationships with significant amounts of interest is likely to be fully active in region if the relationship we understand with our clients over the past. By increasing our input and focus on including these relationships, we will ensure we can identify and scale incremental growth opportunities as new, as well as goals against any potential clients from competitors. Both a greater overall stream product and shortage, additional accessibility and a broader client base, there is a "mixed patient" also in our environmental interest. # Vending our talent Our final goal is to enter into the development of our greatest team, our people. To be able to get and establish a store framework for upper down prices, leader a customer's base to grow the age with smokers and support with the necessary, all- or underage job experience. Each of these strategy options will be supported by other business companies of strategists, marketers and client funds and emenders. You'll receive company's performance level and enablers. Not only this, our success in current brand development setting, our progress back to this in the company, but we also are able to build a more competitive share. # NEXT: Our AI roadmap ![img-27.jpeg](img-27.jpeg) # FUTURE: Our big bets ![img-28.jpeg](img-28.jpeg) --- # ESG Report Our environmental, social, and governance strategy is of paramount importance to our mission to capitalize on complexity. As a business built on interest and powered by people, we have a responsibility to ensure our work has a positive impact on our staff, environment and the communities we work in. We have to understand the impact of a large number of new and new business activities and to ensure that our mission is to capitalize on the potential future of our future. ![img-29.jpeg](img-29.jpeg) ![img-30.jpeg](img-30.jpeg) ![img-31.jpeg](img-31.jpeg) ![img-32.jpeg](img-32.jpeg) --- People ## Embedding our values - **Personal** in our collaboration - **Personal in our collaboration** - **Personal in our collaboration** - **Personal in our collaboration** - **Personal in our collaboration** **Note:** Make the complete simple. **What is the best of complexity:** - **We all change** → challenge connection - **We beautifully** → challenge connection - **We have a good ideas and come from anywhere** **In order to improve our lives, we can create a new world** → **In order to improve our lives** **In order to improve our lives, we can create a new world** **In order to improve our lives, we can create a new world** **In order to improve our lives, we can create a new world** **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can create a new world **In order to improve our lives, we can In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In --- # Planet ## Driving reductions during a period of significant growth One of the key advices we took last year was to watch on lights on wooden electricity across all offices in April, significantly reducing our reliance on fossil fuels. In addition to that, we introduced a public transport fleet travel policy to encourage lower emission business travel. To further enhance accountability, we pioneered with Research improve transparency on travel-related emissions at the point of keeping, enabling more informed and responsible choices. As part of our ongoing commitment to sustainability, we are continuing to afford our emissions through advanced carbon removal technology. This year, our lease is so revocing in October projects in Africa, an initiative that not only captures carbon, but also supports track communities by creating economic opportunities, and improving our health. ## Strengthening supply chain accountability Our primary focus among forward must be making more environmentally conscious decisions, either on supply chain and the education of our teams. As well as continuing to assess the climate maturity of our current suppliers, we have made a significant step ## Achieving our ambitious goal of zero landfill for our offices ![img-33.jpeg](img-33.jpeg) ## Implementing policy changes for a sustainable future This year, we introduced several key policy changes aimed at enhancing our sustainability efforts. In March, we introduced a vegetarian policy for office families. By offering meat free meals every three weeks, we have forecasted a reduction of 810000 per year. In May, we implemented a purchasing policy for regularly prepared consumables, significantly increasing our investment in recyclable, Good Shopping Guide approved, and B-Corp certified products. ## The AI and sustainability paradox AI is rapidly transforming our industry, with investment in this technology increasing significantly over an year. However, as a company committed to leading the industry towards more sustainable ways of operating, we might be the need to address the environmental challenges associated with data center elements in technologies. This year, we will take proactive steps to mitigate this impact. In addition to offsetting our scope it and it all factors, we will offset up to 50% of our total emissions, including those resulting from direct investments in third-party AI technologies, through advanced carbon removal technologies. This approach, in addition to our ethical AI funding, ensures we consider to enhance innovation while remaining fully sustainable for our environmental footprint. ![img-34.jpeg](img-34.jpeg) ## Building a sustainable future through training and technology We are committed to empowering all employees with the knowledge and tools needed to understand and address climate impact. This commitment is reflected to assist all key industries. The first is through monthly training with directly, e.g., sustainability reporting partner. Overstay provides comprehensive training modules to promote sustainable practices across all areas of e.g., operations. We have also concentrated to these as our travel platform, enabling each member to give their emissions at the point of building and each chain over the year. This is a separate program that supports more sustainable travel decisions. Finally, this year we will also develop financial sustainability focused interviewing days for the first time, providing our team with hands-on experience to contribute to environment adjustments and answer their understanding of sustainability in action. ## The need to Net Fare ![img-35.jpeg](img-35.jpeg) --- # Community ## Inspiring and mentoring the next generation of creatives The first of the new generation of creatives, the first of the new generation of mentors, is the first of the new generation of mentors to be able to create a new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, 100% of the new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, 100% of the new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, new, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, New, --- (Annual Report 2024) 37 # REPORT OF THE DEATH OF AN AMERICAN CITIZEN. ## SECTION 1 ### 1. The death of American citizen is not a result of the death of a foreign citizen. The death of American citizen is not a result of the death of a foreign citizen. The death of a foreign citizen is not a result of the death of a foreign citizen. The death of a foreign citizen is not a result of the death of a foreign citizen. ## SECTION 2 ### 2. The death of a foreign citizen is not a result of the death of a foreign citizen. The death of a foreign citizen is not a result of the death of a foreign citizen. --- # Our Directors ## Oil Green, Executive Chairman Oil in Executive Chairman of Bruce Baum and has worked in digital marketing and technology for the past 15 years. Prior to joining Bruce Baum, Do was Managing Director of Tangent, a Taxi 100 Technology agency. Do has worked with of extra work as Amazon, SME, LHMP and Sky access a range of products operating digital transformation, performance marketing and social media strategy. Oil was listed in Campaign magazine's annual «Metabolisch Oil Gez» (1976-2003). Oil has a highest form University College London (SEC). ## Thea Green, Chief Growth Officer Thea is Chief Growth Officer of Bruce Baum and is experienced in both digital media and advertising, as well as expenditure and output as a director. Prior to joining Bruce Baum, Thea worked as Tangent, a Taxi 100 technology agency. Prior to Tangent, Thea was an Associate at Brazilian Capital, a private equity firm with assets under management of over $200. Thea has a degree been Insured College London. ## Philippa Hornidge, Chief Financial Officer Philippe is Chief Financial Officer of Bruce Baum and has spent over 20 years working in the media and marketing services sector. Prior to joining Bruce Baum, Philippe was Finance Director of Tangent, a Taxi 100 Technology agency. Philippe has held senior finance room at a number of marketing services firms, including Finance Director of Trading Independent agency, Action Board Communications and global network agency Publications Limited. Philippe is a former as a director of sub-sectoral with Moore Hospital, Brazil. Philippe has a degree from the University of Oxford. ## Matt Law, Non-Executive Director Matt Law, Independent from Executive Director of Bruce Baum. He has 20 years' experience working in marketing and advertising, with a particular focus on the use of emerging digital technology. Matt is currently handling partner in Innovation Consultancy, Monthly as well as a partner at Duffer Ventures, a similar academic and media for whom he provides specialist, senior on business strategy and growth. Matt has worked with clients including the Scandium, BSE, Hatalima, HSBC, Arka, Sinfame, Permal Record and Estimate13 as well as American early stage technology companies. ## Gordon Brough, Non-Executive Director Gordon has over 30 years' experience working with public companies and legal affairs. Gordon is currently General Counsel at River Global PLC, an AI-to-knod asset management company. Prior to Udo Gordon was General Counsel at ICSE, then a specialist asset manager with over $7000 of senior under management and American Asset Management plc, then a FTSE 500 Assessment firm was known as Alconless plc. Gordon holds an LCE Board and a Diploma in Legal Practice from the University of Dundee. ![img-36.jpeg](img-36.jpeg) ![img-37.jpeg](img-37.jpeg) ![img-38.jpeg](img-38.jpeg) ![img-39.jpeg](img-39.jpeg) ![img-40.jpeg](img-40.jpeg) # Statement of Corporate Governance The Company is a member of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the Group of Directors of the --- # Statement of Corporate Governance ## Division of Responsibilities The Division of Responsibilities is a member of the Corporate Governance Commission. The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## Matters removed for the board The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## Audit and Risk Committee The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## Reimbursement Committee The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## General Advisory The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## External Affairs The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## External Affairs The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## External Affairs The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## External Affairs The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## External Affairs The Board of Directors are the President, the Chief Executive Officer, and the Chief Executive Officer of the Board. ## --- # Remuneration Committee Report ![img-41.jpeg](img-41.jpeg) ## National Association of Executive Directors The Remuneration Committee determines the Company's ability on the structure of Executive Directors' remuneration. The objectives of this policy are to: - Invest in local remittances in a manner that ensures that they are properly inventoried and reemerged in perform in the best interests of shareholders - Include a level of remuneration required to attract and maintain high-believe Executive Directors - Encourage value position through consistent and transparent alignment of incentive arrangements with the agreed Company strategy over the long term Executive Director's remuneration packages are considered annually by the Remuneration Committee in line with the above policy and comprise a number of elements: - Salaries which are normally reviewed annually (using two account offices, salaries and to directors of competitive companies, living and personal performance) - Annual bonus which is discretionary and very relevant for certain Executive Directors - Share points which are granted under the Company's approved and unapproved plans ## Director's Remuneration (audited) The following sales summarizes the Director's remuneration and service agreements for the year ended 31 December 2014 and 31 December 2013. | Director | Salary | Rates | Services and Pensions | 2014 Total | 2013 Total | | --- | --- | --- | --- | --- | --- | | Executive Directors | | | | | | | Oliver Green | 174 | - | 0 | 174 | 101 | | Theodore Green | 119 | - | 11 | 120 | 121 | | Philippe Harnidge | 171 | - | 10 | 203 | 182 | | Non-Executive Directors | | | | | | | Matthew Lusk | 29 | - | 0 | 21 | 21 | | Gordon George | 38 | - | - | 30 | 30 | | Total | 473 | - | 47 | 520 | 485 | # Remuneration Committee Report ## Director's Interests (audited) The Remuneration Committee is responsible for the Company's ability on the structure of Executive Directors' remuneration. The objectives of this policy are to: - Invest in local remittances in a manner that ensures that they are properly inventoried and reemerged in perform in the best interests of shareholders - Include a level of remuneration required to attract and maintain high-believe Executive Directors - Encourage value position through consistent and transparent alignment of incentive arrangements with the agreed Company strategy over the long term Executive Director's remuneration packages are considered annually by the Remuneration Committee in line with the above policy and comprise a number of elements: - Salaries which are normally reviewed annually (using two account offices, salaries and to directors of competitive companies, living and personal performance) - Annual bonus which is discretionary and very relevant for certain Executive Directors - Share points which are granted under the Company's approved and unapproved plans ## Director's Remuneration (audited) The following sales summarizes the Director's remuneration and service agreements for the year ended 31 December 2014 and 31 December 2013. | Director | Industry Status | % of Total Share Capital | | --- | --- | --- | | Oliver and Theodore Green* | S&S/NFE&VE | 10.3% | | Philippe Harnidge | 1,004,000 | 0.1% | | Gordon George | 587,071 | 0.1% | | Matthew Lusk | 870,000 | 0.1% | *Planned by any other Executive, including a company or company, with a 10% interest in the product, and a non-tax rate of 10% per month (10% per year) and a 10% increase in the amount of the product. ## Share Awards Philippe Harnidge, Executive Director and Chief Financial Officer, has been granted share options over 10,000,000 ordinary shares under the Company's approved 1914 share option options. These options would generally be equal to another between May 2003 and May 2002 and have an exercise price of 0.1p. She was also granted share options over a further 10,000,000 ordinary shares under the Company's approved 1914 share option options which cost annually in equal to another between May 2003 and May 2002 and have an exercise price of 1.075p. In 2005, Share Giver announced the adoption of a Long Term Incentive Plan ("LTV") for Oliver Green and Theodore Green. In circulating the LTV's the Brown Bros. Remuneration Committee was advised by remuneration consultants, his partner and consultant with the Company's major shareholders representing 60% of the Company's issued share capital, inclusive of the Directors and their connected persons. Pursuant to the LTV, Oliver Green and Theodore Green, Executive Chairman and Chief Growth Officer respectively (the "LTV" is not a "retailer") have agreed to subscribe for non-voting subordinate shares in a wholly owned subsidiary of the Company ("V-Share"). Subject to the achievement of performance conditions under the LTV set out below, the V-Share can be redeemed by the LTV formulary, who are participating equally in the LTV on a 50,000 basis, in exchange for new ordinary shares in the Company ("Ordinary Share"). Redemptions of V-Share under the LTV may occur at any time from 18 November 2004 to 16 December 2007. In the event that the mid-market closing price per Ordinary Share exceeds 0.5 cents on the details of redemption(s), the V-Share will be capable of redemption by the LTV. Exceptions of any new sale or aggregate value (the "Redemption Value") equal to 10% of value needed for the Company's share price, from the adoption of the LTV to redeemment of the V-Share calculated as --- Directors' Report ![img-42.jpeg](img-42.jpeg) Phillipps Horridge Chief Financial Officer 9 April 2021 Philips Horridge ## Results and Dividends Results of the Directors' compensation, share options, service agreements and interests in the Company's above are provided in the Remuneration Committee Report. ### Directors' Internship In accordance with an Articles of Association the Company has entered into contracted internships with each of the Directors in respect of its liabilities inserted as a result of their office. In respect of these liabilities for which Directors may not be interested, the Company maintained a 'creative' and Officer's Liability Insurance policy throughout the period. Although the Directors' defence costs may be met, neither the Company's indemnity nor the insurance policy provides mean to the event that the Director is proved to have acted dishonestly or fraudulently. No claims have been made under the indemnity or against the policy. ### Selling Concerns The conditioned financial statements have been prepared on the going concern basis on the assumption that the Group continues in operational existence for the foreseeable future. The Directors have prepared detailed cash flow projections for at least twelve months from the date of approval of these consolidated financial statements, which are based on their current expectations of trading prospects, and accordingly the Directors have calculated that it is appropriate to continue to adopt the going concern basis in preparing these consolidated financial statements. Further information is provided to Note 2.1 of these consolidated financial statements. ### Statement as to disclosure of information to audience So far as the Directors are aware, there is no relevant audit information (as defined by Section 406 of the Companies Act 2006) of which the Group's auditor is present, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Group's auditor is aware of that information. ### Auditors Name Kingdom Smith LLP having expressed their willingness to continue in office, will be proposed for reappointment at the forthcoming Annual General Meeting in accordance with section 488 of the Companies Act 2006. Directors' Report Significant shareholders at 31st December 2004 | Shareholder | No share | % of Total | | --- | --- | --- | | First Method Ashcroft | 37,000,000 | 21.7 | | Risser Green and Thruston Green* | 255,863,000 | 19.5 | | James Russell (SeLcom)* | 87,152,000 | 7.8 | | Stater Investments | 80,000,000 | 6.7 | | Rose MacDore Capital | 56,171,000 | 4.4 | * The First Group, 37,000,000 of the Company's share of the total assets and the Company's share of the total assets, is based on the Company's estimates and the securities of the Company's securities and securities of the Company's securities and securities of the Company's securities. ### Statement of Directors' Responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with appropriate forward-legislatures. Company can mobilise the Directors to prepare financial statements for each financial year. Under this law the Directors have prepared the Group financial statements in accordance with UK adopted international Accounting Standards (140) and declare to compare the current company financial statements in accordance with 1992/93. The Financial Reporting Disclosure applicable to the annual Report of the 1992/93 and the financial statements in the Directors must not assume the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and Group and of the profit or loss of the Company and Group for that period. In preparing these financial statements, the Directors are required to: - Select variable accounting policies and then apply them consistently. - State whether applicable 99% of accounting standards have been followed subject to any material disambiguation (substantial and sustained) in the financial statements. --- # INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAVE BISON GROUP PLC ## Opinion We have audited the financial statements of Brave Bison Group Plc (the 'parent company' and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprises the Consolidated Income Statement and Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Balance Sheet, the Company Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in preparation of the group financial statements is applicable law and UK adopted international accounting standards. The financial reporting framework that has been applied in preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'the Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion: - the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - the group financial statements have been properly prepared in accordance with UK adopted International Accounting Standards; - the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## An overview of the scope of our audit Our group audit was scoped by obtaining an understanding of the group and its environment, including the group's system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the directors that may have represented a risk of material misstatement. Our group audit focused on the financial information of components which, in our view, either individually or in combination, represented the most significant areas of financial reporting risk or were quantitatively material to the Group's results. For those components that presented a higher risk of material misstatement or contributed significantly to the overall group's results or financial position, either a full scope or a specified audit approach was determined based on their relative materiality to the group and our assessment of the audit risk. For components requiring a full scope approach, we evaluated controls by performing walkthroughs over the financial reporting systems identified as part of our risk assessment, reviewed the accounts production process and addressed critical accounting matters. We then undertook substantive testing on significant transactions and material account balances. In order to address the audit risks identified during our planning procedures, we performed a full scope audit of the financial statements of the group and the parent company. For the purpose of expressing our opinion on the group financial statements, we also performed a full scope audit of the financial information of Brave Bison Limited, Brave Bison Performance Limited and Social Chain Limited. We --- performed analytical procedures over the remaining components, which were individually immaterial but collectively covered residual group risk. ## Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. | Key Audit Matters | How our scope addressed this matter | | --- | --- | | **Incorrect revenue recognition** Revenue is a significant item in the consolidated income statement and impacts a number of management's key judgements, performance indicators and key strategic indicators. There is a risk of incorrect revenue recognition due to fraud or error, arising from: - recognition of revenue in the wrong accounting period; - revenue not being recognised in accordance with the requirements of IFRS 15 'Revenue from Contracts with Customers'; and - manipulation of revenues around the year-end through management override. We therefore identified incorrect revenue recognition as a significant risk. | Our audit work included, but was not restricted to: - Evaluating the group's revenue recognition accounting policy to check compliance with the requirements of IFRS 15, which included assessing the treatment of each revenue stream under the principal versus agent criteria to test appropriate gross versus net presentation. - Performing substantive testing on a sample of individual revenue transactions throughout the year across the significant revenue streams to evaluate whether revenue is recognised in accordance with the contract terms, having considered the requirements of IFRS 15 and the commercial substance of the contracts. Our audit procedures in this area included - agreeing revenue transactions selected for testing through to supporting evidence including sales invoice, contracts and cash receipts. - Testing a sample of self-billing sales transactions to ensure that the revenue recognition was correct. - Reviewing material credit notes, invoices and receipts post year end. - Performing sales cut-off tests to ensure revenue had been recognised in the correct period. - In addition, we reviewed the adequacy of the disclosures in accordance with the requirements of IFRS 15. **Conclusions** Based on our audit testing we did not identify any material misstatements of revenue. We consider that the disclosures in the financial statements relating to this area are adequate and in accordance with the requirements of IFRS 15. | | **Valuation of intangible assets and goodwill** The directors are required to make an assessment to determine whether there are impairment indicators relating to the group's | Our audit work included, but was not restricted to: - Obtaining management's analysis of their assessment of whether there were any indicators of impairment. - Obtaining management's impairment test of goodwill. | --- | goodwill and other intangible assets. Goodwill is required to be tested for impairment annually. The total net book value of the intangible assets at the year end was £12.3m including goodwill of £10.1m as detailed in note 13. The process for assessing whether impairment exists under International Accounting Standard (IAS) 36 ‘Impairment of Assets’ is complex. The process of determining the value in use, through forecasting cash flows related to each asset and the determination of the appropriate discount rate and other assumptions to be applied, can be highly judgemental and can significantly impact the results of the impairment review. Based on the judgemental nature of an impairment review and significant impairment adjustments in prior periods, we identified impairment of intangible assets as a significant risk. | - Critically assessing the assumptions underpinning the valuation of goodwill, brands and customer relationship intangible assets. - Evaluating the accounting policy and detailed disclosures to check whether information provided in the financial statements is compliant with the requirements of IAS 36 and consistent with the results of the impairment review. - Considering the appropriateness of the amortisation policy for all non-goodwill intangible assets. **Conclusions** Based on our audit work, we concluded that the group’s intangible assets including goodwill arising on the acquisition of subsidiaries are not materially misstated as at the year end and that management’s impairment assessment is appropriate. We consider that the disclosures in the financial statements relating to this area are adequate and in accordance with the requirements of the relevant IFRS. | | --- | --- | | **Recoverability of intra-group receivable balances (applicable to parent company only)** The directors are required to make an assessment to determine whether the receivable balance from intra-group entities of £22.3m, as detailed in note 32, is recoverable. As there is significant judgment involved in relation to determining the recoverability of this balance, we have identified this area as a significant risk from a parent company perspective. | Our audit work included, but was not restricted to: - Comparing the year-end balance to the net asset values of the downstream subsidiaries; - Reviewing management’s value in use calculations for the downstream subsidiaries - Challenging management’s assumptions utilised in the cash flow models, including growth rates and discount rates; - Performing a sensitivity analysis to check whether management’s forecasts would leave positive headroom if the assumptions of values increased or decreased; - Comparing the calculated value in use for the subsidiaries to the year-end receivable balance to check that there is no further provision needed; and - Evaluating the accounting policy and detailed disclosures to check whether information provided in the financial statements is compliant with the group accounting policies and relevant IFRS accounting and disclosure requirements. **Conclusions** Based on our audit work, we concluded that the intra-group receivable balances as at year end are not materially misstated and that the disclosures in the financial statements were in accordance with relevant IFRS. | ## Our application of materiality The scope and focus of our audit was influenced by our assessment and application of materiality. We define materiality as the magnitude of misstatement that could reasonably be expected to influence the --- readers and the economic decisions of the users of the financial statements. We use materiality to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements as a whole. Due to the nature of the Group, we considered revenue to be the main focus for the users of the financial statements, accordingly this consideration influenced our calculation of materiality. Based on our professional judgement, we determined materiality for the Group to be £344,000, based on 1% of revenue. On the basis of our risk assessment, together with our assessment of the overall control environment, our judgement was that performance materiality (i.e. our tolerance for misstatement in an individual account or balance) for the Group was 50% of materiality, namely £172,000. We agreed to report to the Audit Committee all audit differences in excess of £17,200, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also reported to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements. The materiality threshold for the parent company was £144,000 based on 1% of total assets. Performance materiality for the parent company was 50% of the overall materiality, namely £72,000. The threshold identified for trivial audit differences was £7,200. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the group and parent company's 's ability to continue to adopt the going concern basis of accounting included, but was not limited to, a critical assessment of the detailed cash flow projections prepared by the directors, which are based on their current expectations of trading prospects, challenging management on these, and obtaining an understanding of all relevant uncertainties. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. ## Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion the part of the directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. --- In our opinion, based on the work undertaken in the course of the audit: - the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the parent company financial statements; and - the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements and the part of the directors' remuneration report to be audited are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## Responsibilities of directors As explained more fully in the directors' responsibilities statement set out on page [x], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. ## Auditor's Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the FRC's website at https://www.frc.org.uk/auditors/auditor-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor's-responsibilities-for This description forms part of our auditor's report. ## Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect --- of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK adopted international accounting standards, United Kingdom Accounting Standards, the rules of the Alternative Investment Market and UK taxation legislation. - We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. ## Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company's members those matters which we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company's members as a body, for our work, for this report, or for the opinions we have formed. Moore Kingston Smith LLP Jonathan Russell (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Date: 09 April 2025 Chartered Accountants Statutory Auditor 6th Floor, 9 Appold Street London EC2A 2AP --- # Financial Statements Annual Report 2024 52 --- 88 89 # Consolidated Income Statement and Consolidated Statement of Comprehensive Income | | Note | 31 December 2014 | 31 December 2013 | | --- | --- | --- | --- | | Revenue | % | 32,828 | 32,704 | | Cost of sales | | (11,487) | (14,802) | | Gross profit | | 31,341 | 50,503 | | Administration expenses | | (25,440) | (29,847) | | Operating profit | 1 | 1,893 | 1,055 | | Finance income | 0 | 233 | 158 | | Prepaid costs | 9 | (580) | (143) | | Profit before tax | 1 | 1,893 | 1,055 | | Analyzed as | | | | | Adjusted EBITDA | | 4,495 | 4,277 | | Finance costs | 9 | (580) | (143) | | Finance income | 0 | 233 | 158 | | Depreciation | 14 | (644) | (614) | | Adjusted profit before tax | | 3,924 | 3,639 | | Restructuring costs | 8 | (327) | (632) | | Acquisition costs | 29 | (953) | (411) | | Impairment charge | % | - | (36) | | Amortization of acquired energiform | 13 | (387) | (399) | | Equity settled share lower payments | 24 | (383) | (435) | | Profit before tax | | 1,253 | 1,055 | | Income tax credit | 10 | 228 | 2,279 | | Profit attributable to equity holders of the parent | | 1,381 | 1,769 | | Statement of Comprehensive Income | | | | | Profit for the year | | 2,201 | 2,200 | | Ratio that may be rebated but sub-separate to profit or loss | | - | - | | Exchange basis or translation of foreign subsumes | | 791 | 737 | | Total complements profit for the year attributable to owners of the parent | | 2,203 | 1,387 | | Profit per share (basis and diluted) | | | | | Basic profit per ordinary share (person) | 11 | 0.18p | 0.21p | | Diluted profit per ordinary share (person) | 11 | 0.16p | 0.20p | | Adjusted basic operating earnings per ordinary share (person) | 11 | 0.30p | 0.20p | | Adjusted diluted operating revenues per ordinary share (person) | 11 | 0.28p | 0.27p | # Consolidated Statement of Financial Position | | Note | At 31 December 2014 | At 31 December 2013 | | --- | --- | --- | --- | | Non-current assets | | | | | Intangible assets | 11 | 12,274 | 12,057 | | Property, plant and equipment | 14 | 1,863 | 2,250 | | Deferred tax assets | 16 | 5,496 | 6,163 | | | | 18,683 | 17,054 | | Current assets | | | | | Trade and other receivables | 17 | 8,434 | 6,127 | | Cash and cash equivalents | | 7,003 | 6,926 | | | | 10,037 | 13,443 | | Current liabilities | | | | | Trade and other supplies | 18 | 18,740 | 18,860 | | Bank loans - 1 hour | 20 | 770 | 101 | | Loans liabilities | 11 | (249) | (212) | | | | (3,009) | (3,082) | | Non-current liabilities | | | | | Loans liabilities | 19 | (1,463) | (1,481) | | Deferred tax liability | 18 | (686) | (634) | | Bank years - 1 hour | 22 | (116) | (143) | | Promosons | 21 | (204) | (315) | | | | (2,099) | (2,425) | | Net Assets | | 31,391 | 38,595 | | Equity | | | | | Share capital | 79 | 1,280 | 1,288 | | Share proceeds | 23 | - | 80,016 | | Capital redemption reserve | | - | 4,550 | | Ranger reserve | | (24,000) | (24,000) | | Ranger relief reserve | | - | 60,924 | | Distributable reserve | | 158,436 | - | | Retained deficit | | (94,223) | (100,000) | | Translation reserve | | 158 | 185 | | Total equity | | 31,391 | 38,595 | --- Financial Statements 01 02 03 # Consolidated Statement of Cash Flows For the year ended 31 December 2024 | | 2024 £000's | 2023 £000's | | --- | --- | --- | | Operating activities | | | | Profit before tax | 1,952 | 1,110 | | Adjustments: | | | | Depreciation, amortisation and impairment | 1,031 | 1,108 | | Finance income | (252) | (198) | | Finance costs | 195 | 143 | | Share based payment charges | 383 | 435 | | (Increase)/decrease in trade and other receivables | (1,261) | 2,252 | | Decrease in trade and other payables | (418) | (3,076) | | Tax (paid/received) | (7) | - | | Tax received | - | 49 | | Cash inflow from operating activities | 1,623 | 1,823 | | Investing activities | | | | Acquisition of subsidiaries | - | (4,756) | | Net cash acquired on acquisition | - | (27) | | Loan granted on acquisition exchange | (650) | - | | Purchase of property plant and equipment | (167) | (156) | | Interest received | 252 | 198 | | Cash outflow from investing activities | (565) | (4,741) | | Cash flows from financing activities | | | | Issue of share capital | 61 | 4,750 | | Interest paid | (195) | (143) | | Repayment of borrowings | (18) | (634) | | Repayment of lease liability | (214) | (619) | | Cash (outflow) / inflow from financing activities | (366) | 3,355 | | Net increase in cash and cash equivalents | 692 | 437 | | Movement in net cash | | | | Cash and cash equivalents, beginning of year | 6,920 | 6,485 | | Increase in cash and cash equivalents | 692 | 437 | | Movement in foreign exchange | (9) | (2) | | Cash and cash equivalents, end of year | 7,603 | 6,920 | Annual Report 2024 --- 03 # Consolidated Statement of Changes in Equity For the year ended 31 December 2024 | | Share Capital (CNA's) | Share premium (CNA's) | Capital redemption Reserve (CNA's) | Merger Reserve (CNA's) | Merger relief Reserve (CNA's) | Translation Reserve (CNA's) | Distributable Reserve (CNA's) | Retained deficit (CNA's) | Total Equity (CNA's) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | At 1 January 2023 | 1,081 | 84,551 | 6,660 | (24,060) | 62,624 | 167 | - | (121,001) | 10,922 | | Shares issued during the year | 207 | 4,544 | - | - | - | - | - | - | 4,751 | | Equity settled share based payments | - | - | - | - | - | - | - | 435 | 435 | | Transactions with owners | 207 | 4544 | - | - | - | - | - | 435 | 5,186 | | Other comprehensive income | | | | | | | | | | | Profit and total comprehensive income for the year | - | - | - | - | - | (2) | - | 3,389 | 3,387 | | At 31 December 2023 | 1,288 | 89,095 | 6,660 | (24,060) | 62,624 | 165 | - | (117,177) | 18,595 | | Shares issued during the year | 4 | 57 | - | - | - | - | - | - | 61 | | Equity settled share based payments | - | - | - | - | - | - | - | 383 | 383 | | Capital Restructure | - | (89,152) | (6,660) | - | (62,624) | - | 158,436 | - | - | | Transactions with owners | 4 | (89,095) | (6,660) | - | (62,624) | - | 158,436 | 383 | 444 | | Other Comprehensive income | | | | | | | | | | | Profit and total comprehensive income for the year | - | - | - | - | - | (9) | - | 2,261 | 2,252 | | At 31 December 2024 | 1,292 | - | - | (24,060) | - | 156 | 158,436 | (114,533) | 21,291 | --- # Notes to the Financial Statements For the year ended December 31, 2017 ## 1. General Data Since Upon Group (A) ("The Company") was Incorporated in England and Wales on 30 October 1993 under the Companies Act 1993 (Application number 00734903) and its registered address is: Stephen Street, London, W1Y 1AW. On 15 November 2013 the Company entered into share exchange agreements to acquire 500% of the Grand share capital of those State Limited, a company incorporated in England and Wales on 16 May 2014 and registered at the same address. On 10 November 2013 the Company was admitted to the Information Investment Market (IIIM) where its authority shows not treated. The consolidated financial statements of the Group for the year ended 30 December 2021 complete the Company and its subsidiaries together referred to as the "Group". The Group's business summary, together with the feature likely to affect its future development, performance and position are set out in the 2707+ scheme on pages 9-10. ## 2. Credit of Representation ### 2.1. Going Concern The consolidated financial statements have been prepared on a going counterfeits, which assumes that the Group will be sent to their co-creditors at any rate due for the foreseeable future, and re-lieve for 20 months from the date of approval of the consolidated financial statements. The Group is dependent on its working capital requirements on cash generated from operations, and cash holdings. The cash holdings of the Group at 21 December 2004 were 27.5 million (2003: 28.9 million). The Group exists as an effective run of $1.2 million for the year ended, in December 2004 (2003: $1.1 million), and generated an increase in cash and cash equivalents in 2004 of $5.7 million (2003: 63.4 million). The Group has net assets of 2021 million (2003: 239.6 million). The Group has proposed detailed cash flow projections for the period to 31 December 2015 and for the following 8-month period to 30 June 2006 which are based on their current expectations of trading agreements. The Group achieved positive cashflow of $9.7 million. ## 3. 3 Basis of Consolidation The 30 December 2015 financial statements have been prepared on a continuing basis, which assumes that the Group will be entitled to continue its operations and cash holdings. The 30 December 2015 financial statements have been prepared on a continuing basis, which assumes that the Group will be entitled to continue its operations and cash holdings. ## 4. 1. Summary The Company has presented a summary of its operations and cash holdings, including the total number of the 30 December 2015 financial statements, the total number of the 30 June 2006 financial statements, and the total number of the 30 July 2006 financial statements. ## Notes to the Financial Statements For the year ended December 31, 2017 ## 5. 2. Adoption of new and revised standards The Company has adopted the following standards (and other standards) and other standards, which are required to be adopted in accordance with the standard standards and other standards. The standards are obtained from the following standards: - Standard 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 The 30% of the total number of the 30 December 2015 financial statements is in accordance with the standard standards and other standards. The 30% of the total number of the 30 June 2006 financial statements is in accordance with the standard standards and other standards. The 30% of the total number of the 30 July 2006 financial statements is in accordance with the standard standards and other standards. The 30% of the total number of the 30 June 2006 financial statements are included in the standard standards and other standards. The 30% of the total number of the 30 July 2006 financial statements are included in the standard standards and other standards. ## 6. 3. Discussion and Considerations The Company has discussed and has considered the following: - The financial statements have been prepared in accordance with the accounting policies and presentation required by UK adopted international Accounting Standards, one international Financial Reporting (reports) (www.finans.gov.uk) as indicated by use in the list. The focus of framework except certain financial assets and liabilities, since based payments and assets and liabilities acquired at part of a business combination have also been prepared under the historical cost-prevention and in accordance with these parts of the Companies Act 2006 that are relevant to companies that propose financial statements in accordance with UK adopted International Accounting Standards. ## 7. 4. Summary of Comments and Notes The Group's presentations and functional contents in £ (Oversight) the financial statements are presented in thousands of pounds (1000) to excess otherwise stated. ## 8. 1. Review The Company has reviewed the financial statements and the financial statements in the following form: - The financial statements have been prepared in accordance with the standard standards and other standards. - The financial statements have been prepared in accordance with the standard standards and other standards. - The financial statements have been prepared in accordance with the standard standards and other standards. - The financial statements have been prepared in accordance with the standard standards and other standards. ## 9. 2. Notes ## 10. 3. Notes ## 11. 4. Notes ## 12. 5. Notes ## 13. 6. Notes ## 14. 7. Notes ## 15. 8. Notes ## 16. 9. Notes ## 17. 10. Notes ## 18. 11. Notes --- 1 1 # Notes to the Financial Statements For the year ended 31 December 2004 ## 4.5. Interest and dividend income Finance income and expenses are reported on an annual basis using the effective interest method. ## 4.6. Foreign currency translation The exchange or foreign conversion are translated at the exchange rate rating in the date of the transaction. Nominals, quota, and liabilities to foreign currencies are translated at the rates of exchange rating as the balance sheet date. Non-maxillary loans that are measured at historical date in a foreign currency are translated at the exchange rate at the date of the transaction. Non-minority loans that are measured at for value to a foreign currency are translated using the exchange rates at the date when the fair value was determined. Any exchange differences arising in the settlement of monetary terms or remunerating monetary items at rates different from those at which they were initially recorded are recognized in the profit or loss in the capital in which they rose. The assets and liabilities in the financial statements of foreign subsidiaries and related products are compared at the rate of exchange rating at the balance sheet base income and expenses are translated at the actual rate on the date of transaction. The exchange differences arising from the retranslation of the opening net investment in subsidiaries and/or income and expenses during the year are recognized in other comprehensive income and losses in the "investment income" category. On disposal of a foreign operation the compliance translation differences (including, if applicable, gains and losses on website hedges) are transferred to the income statement as part of the gain or loss on disposal. ## 4.8. Segment reporting BRS 5 Operating Segments requires operating segments to be recorded on the same basis as is used internally for the value of performance and character of resources for the Group Chief Executive (chief operating decision maker - CEOAN). The Board has received the Group and all revenues are functional activities of a digital made and marketing group, and these activities take place on an image paid basis. The center areas are team-makes the financial information on an integrated mode for the Group as a entity (on hand for business as having they will do, being media, e-earnings, and Contact). The Group will provide a cash between these two offices, as well as a split for geographical location. Segmental information is presented in accordance with PRA 8 for all periods presented within Note 6. ## 4.9. Leasing The Leasing is a general plan, and the Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. ## Notes to the Financial Statements 1 ## 4.10. Property, plant and equipment Property, plant and equipment are a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. The Leasing is a general plan for the development of a new business. --- 48 # Notes to the Financial Statements For the year ended 31 December 2024 ## 4.0. Impairment of intangible assets The carrying amount of deferred tax assets is estimated at each reporting date and reduced to the extent that it is no longer possible that sufficient tax gifts and/or other taxes are required to allow all or part of the asset to be returned from end tax assets and liabilities are required in the tax rates that are extended or apply to the period in which the liability is settled or the asset recognized based on tax rates (and that have been omitted or substantially omitted by the balance sheet data). The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group events, or the reporting date, to require an additional carrying amount of no assets and liabilities. Deferred tax assets and liabilities are either when they are legally enforceable right to act on behalf of the property difference will not exempt a tax liability. Deferred tax liabilities and assets and liabilities are at least. ## 4.1. Taxation The maximum recognized or profit or total loss prior the sum of the tax currently payable and deferred taxes, recognized in other subcontractual factors or liability in assets. ### Current tax The tax currently payable is based on taxable profit for the year. Taxable profit offers from profit to reported in the statement of comprehensive income because it excludes loans of income or expense that are taxable or deductible in other years and it further includes loans that are never taxable or deductible. The Group's liability for assets has in calculated using tax rates that have been omitted or substantially omitted by the balance sheet data. ### Deferred tax Deferred tax is recognized as a financing between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the compensation of taxable profit, are not accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is available (that taxable profit) and be available against which these deductible temporary differences are recognized. Such assets and liabilities are not recognized if the Group or a difference exists from payable to them (inclusive recognition below their true business participation) of other assets and liabilities in a nonrecourse case, unless neither the liability profit nor the uncovering profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investment in subsidiaries except where the Group is able to control the amount of the temporary difference and is to probable that the temporary difference will not exempt a title if a taxable failure. Deferred tax assets and liabilities are at least. ## 4.2. Pensions The current payment of deferred tax assets is estimated at each reporting date and reduced to the extent that it is no longer possible that sufficient tax gifts and/or other taxes are required to allow all or part of the asset to be returned from end tax assets and liabilities are required in the tax rates that are extended or apply to the period in which the liability is settled or the asset recognized based on tax rates (and that have been omitted or substantially omitted by the balance sheet data). The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group events, or the reporting date, to require an additional carrying amount of no assets and liabilities. Deferred tax assets and liabilities are either when they are legally enforceable right to act on behalf of the property difference will not exempt a tax liability. ## 4.3. Financial Instruments ### Recognition and Assessments Financial assets and financial liabilities are recognized with the Group between a party to the contractual provisions of the financial instrument. Financial assets are recognized as a financing and/or a nonrecourse case, unless neither the financial instrument nor the group is able to control the amount of the nonrecourse case. ### Loan and other receivables The loan and other receivables are not recognized as a financing and/or a nonrecourse case, unless neither the loan and other receivables are recognized as a financing and/or a nonrecourse case. ### Tax and other payables The tax and other payables are not recognized as a financing and/or a nonrecourse case, unless neither the tax and other payables are recognized as a financing and/or a nonrecourse case. ### Other ### Trade and other payments ### Contract assets and liabilities ### Contracts and other expenses ### Depreciation ### Other ### Other ### Other ### Other ### Other ### Other ### Other ### Other ### Other ### Other ### Capital redemption reserve ### Other ### Other ### Other ### Other ### Other --- 30 31 # Notes to the Financial Statements For the year ended 31 December 2019 ## 4.16. Share based payments Employees, including Directors of the Group, received remuneration in the form of share-based payment. Consultation whereby employees render services in exchange for rights with others (reach) entitled interventions 1. The Group has applied the requirements of IFRS 3.00 on-based payments to all grants of equity investments. The transactions have been treated as equity needed. The cost of equity needed transactions with employees is measured by reference to the fair value at the given date of the equity instrument granted. The fair value is determined by using the block-deducte method. The cost of equity needed transactions is recognized, together with a corresponding charge to equity, over the period between the date of grant and the end of a reading period, where relevant employees become fully entitled to the award. The total value of the options has been provided and allocated on a weighted average basis. ## 4.17. Accumulating Costs Restructuring costs relate to corporate or organization expenses previously undertaken or announced, as detailed in note 6. ## 4.18. Provisions The Group has recognized a provision for the costs for unpaid federal property or its original condition, as required by the terms and conditions of the lease. This is recognized when the obligation is incurred, either as the payment exceeds 50% or as a consequence of having used the underlying good during a particular period of the lease. If the directors have received at the lease either that would be required to require the assets, fair value of the options will be considered and adjusted as appropriate for new investments. ## 5.1. Critical accounting/agreements ### Intangible assets and impairment The Group recognizes the intangible assets acquired as part of business confirmation at the value at the date of installation. The determination of these fair values is determined by records engaged by management and board upon management's end the Directors' judgement and includes assumptions on the timing and amount of future investment from fixed generated by the assets and selection of an appropriate discount rate. Furthermore, management must estimate the expected useful lives of intangible assets and charge. Information on these assets accordingly. ### Treatment of revenue as agent or principal The determination of whether the Group is acting in a principal or an agent in a transaction involves judgment and is based on an assessment of who permits a specified good or service failure is is transferred to a company's significant contracts not reviewed for the collection of current. These included the Group as primarily responsible for fulfilling the contract to provide the good or service. If the Group has for a many time before the good or services has been transferred to the customer and if the Group has also been not establishing the price for the good or service. ### Deferred taxation Referral tax assets are recognized by respect of tax loss carry forwards only to the extent that the realisation of the impact on benefit through future taxable profits is published. ## 5.2. Estimates ### Share based payment charges There are no tax-related charges for the use of the group, including the tax on the property of the group, which is not included in the contract. The tax on the property of the group is not included in the contract. The tax on the property of the group is not included in the contract. The tax on the property of the group is not included in the contract. ### Expected credit losses There are no tax-related charges for the use of the group, including the tax on the property of the group, which is not included in the contract. The tax on the property of the group is not included in the contract. ## 6. Segment Reporting ### Geographic reporting | Revenue | 2004 | 2003 | | --- | --- | --- | | United Kingdom and Europe | 28,682 | 31,048 | | Rest of the world | 2,100 | 4,186 | | Total revenue | 42,804 | 55,704 | ## Notes to the Financial Statements | Revenue | 2004 | 2003 | | --- | --- | --- | | Media and Technology | 12,623 | 16,539 | | Current | 29,504 | 54,974 | | Total revenue | 32,804 | 48,704 | | Gross profit | 2,100 | 4,186 | | Media and Technology | 12,411 | 11,644 | | Current | 11,515 | 9,014 | | Total gross profit | 34,341 | 50,303 | ### Taxing of revenue recognition | Revenue | 2004 | 2003 | | --- | --- | --- | | Products and services transferred as a profit and net | 9,628 | 10,077 | | Products and services transferred over time | 24,170 | 35,621 | | Total revenue | 32,208 | 39,704 | --- 88 # Notes to the Financial Statements ## 7. Operating Profit and Profit before taxation | | 2024 | 2023 | | --- | --- | --- | | | € | € | | Auditor's remuneration: | | | | Adds services | 145 | 143 | | Add related services | - | 9 | | Depreciation, property, plant and equipment | 584 | 594 | | Impairment of intangible assets | - | 38 | | Amortisation of intangible assets | 387 | 186 | | Fixed exchange lost | 56 | 91 | ## 8. Restructuring costs | | 2024 | 2023 | | --- | --- | --- | | | € | € | | Restructuring costs | 807 | 837 | ## 9. Finance income and costs | | 2024 | 2023 | | --- | --- | --- | | | € | € | | Cash interest | 256 | 188 | | Interest expense for buying arrangements | 155 | 57 | | Interest on fixed assets | 76 | 68 | | | 195 | 143 | ## 10. Income tax credit | | 2024 | 2023 | | --- | --- | --- | | | € | € | | Current tax: | | | | UK satisfaction (as of 30.10% (2023-23.10%)) | - | 1491 | | Industrial tax | 9 | 1 | | Price year adjustment | - | 25 | | Total current tax | 8 | 871 | 89 # Notes to the Financial Statements | | 2024 | 2023 | | --- | --- | --- | | | € | € | | Deferred Tax: | | | | Organisation and renewal of temporary differences (Note 14) | (23%) | 2,2420 | | Adjustments to tax change in respect of previous periods - deferred tax | (18) | 0 | | Tax credit on profit from an ordinary activities | (30%) | 2,2760 | | Reconciliation of effective tax rate | | | | --- | --- | --- | | | 2024 | 2023 | | Profit on ordinary activities before tax | 1,853 | 1,748 | | | 2024 | 2023 | | Interest tax using the Company's Netender tax rate (if 301.5, 2025, 30.10%) | 486 | 562 | | Effect of: | | | | Property, plant and equipment differences | 0 | 0 | | Intangible asset differences | | | | Expenses not deductible for tax purposes | 316 | 342 | | Income not taxable for tax purposes | (56) | - | | Other permanent differences | 183 | 210 | | Adjustments to tax change in respect of previous periods - current tax | - | 119 | | Adjustments to tax change in respect of previous periods - deferred tax | (18) | 0 | | Reconciliation of deferred tax for changes in tax rates | - | 18 | | Deferred tax liabilities recognised | 1847 | 100 | | Movement in deferred tax not recognised | (382) | 2,2480 | | Difference in tax rates | 18 | 101 | | Total tax credit for the year | (338) | 12,2180 | --- 88 89 # Notes to the Financial Statements ## 11. Earnings per share | | 2004 | 2003 | | --- | --- | --- | | Weighted average number of ordinary shares | 1,389,819,918 | 1,386,287,088 | | Volume due to share options | 61,000,000 | 98,839,723 | | Total weighted average number of ordinary shares | 1,270,000,018 | 1,263,677,917 | | Basic earnings per ordinary share (pence) | 0.18p | 0.21p | | Diluted earnings per ordinary share (pence) | 0.16p | 0.25p | | Adjusted basic spending earnings per ordinary share (pence) | 0.39p | 0.75p | | Adjusted diluted spending earnings per ordinary share (pence) | 0.76p | 0.71p | | | 2004 | 2003 | | Profit after tax | 5,381 | 5,589 | | Equity settled share based payments | 282 | 625 | | Restructuring costs | 867 | 832 | | Acquisition costs | 262 | 847 | | Importance change | - | 26 | | Amortization of acquired intangibles | 587 | 388 | | Tax credit | (2008) | (2,279) | | Adjusted Profit before tax for the year attributable to the equity of individuals | 2,904 | 3,626 | ## Notes to the Financial Statements ## 12. Directors and employees | | 2004 | 2003 | | --- | --- | --- | | Sales, production and operations | 135 | 269 | | Support services and senior executives | 27 | 47 | | | 192 | 791 | | Wages and salaries | 32,076 | 32,403 | | Payroll taxes | 1,016 | 957 | | Relevant contributions | 471 | 560 | | | 10,069 | 10,429 | | Emoluments | 521 | 482 | | | 101 | 485 | Salaries including pensions | | 2004 | 2003 | | --- | --- | --- | | Actual security costs | 63 | 70 | | Total Emoluments | 521 | 482 | --- Notes to the Financial Statements | 13. Intangible assets | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Goodwill | Active Shares/Current | Technology | Brands | Customer Relationships | Total | | | 1,000 | 1,000 | 1,000 | 2011 | 1,000 | 1,000 | | Cost | | | | | | | | At 1 January 2013 | 40,093 | 2,034 | 3,313 | 729 | 29,992 | 68,708 | | Additions | 3,311 | - | - | 344 | 1,201 | 6,776 | | Reallocation of Goodwill | (104) | - | - | 26 | 127 | 28 | | At 31 December 2013 | 45,177 | 2,504 | 3,312 | 1118 | 22,020 | 75,583 | | Additions | | | | | | | | At 31 December 2014 | 45,177 | 2,504 | 3,312 | 1118 | 22,020 | 75,583 | | Amortization and Impairment | | | | | | | | At 1 January 2013 | 45,075 | 1,958 | 3,312 | 728 | 19,511 | 65,488 | | Change for the year | - | 14 | - | 67 | 266 | 268 | | Impairment change | - | - | - | 46 | - | 56 | | At 31 December 2013 | 35,475 | 1,991 | 3,312 | 625 | 19,931 | 65,902 | | Change for the year | - | 33 | - | 73 | 284 | 287 | | At 31 December 2014 | 35,475 | 2,004 | 3,312 | 686 | 23,080 | 63,268 | | Net Book Value | | | | | | | | At 31 December 2013 | 2,016 | 76 | - | - | 1,179 | 5,370 | | At 31 December 2013 | 10,102 | 43 | - | 207 | 2,313 | 10,501 | | At 31 December 2014 | 10,102 | 10 | - | 224 | 1,526 | 12,274 | Notes to the Financial Statements | 14. Property, plant and equipment | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Rights of the asset | Leasehold Improvements | Computer Equipment | Pictures and Rittings | Total | | | | 1,000 | 1,000 | 1,000 | 2011 | 1,000 | | | Cost | | | | | | | | At 1 January 2013 | 719 | 11 | 129 | 27 | 880 | | | Additions | 1,618 | 76 | 76 | 4 | 1,774 | | | Acquisition of subsidiary | 221 | 268 | 168 | - | 758 | | | Disposals | (719) | (3) | (3) | - | (758) | | | At 31 December 2013 | 1,618 | 292 | 168 | 21 | 2,688 | | | Additions | 767 | 54 | 113 | - | 448 | | | Disposals | (221) | - | - | - | | (203) | | At 31 December 2014 | 1,493 | 408 | 439 | 21 | 3,856 | | | Depreciation and impairment | | | | | | | | At 1 January 2013 | 442 | 8 | 55 | 2 | 308 | | | Change for the year | 511 | 52 | 115 | 0 | 494 | | | Disposals | (719) | (3) | 31 | - | (758) | | | At 31 December 2013 | 241 | 58 | 168 | 11 | 418 | | | Change for the year | 420 | 87 | 127 | 10 | 644 | | | Disposals | (241) | - | - | - | | (241) | | At 31 December 2014 | 411 | 145 | 235 | 21 | 674 | | | Net Book Value | | | | | | | | At 31 December 2013 | 270 | 1 | 68 | 20 | 372 | | | At 31 December 2013 | 1,618 | 294 | 318 | 28 | 2,292 | | | At 31 December 2014 | 1,487 | 304 | 304 | 12 | 1,962 | | --- 88 89 # Notes to the Financial Statements ## 15. Impairment charge | | 2004 | 2003 | | --- | --- | --- | | Impairment of intangible assets | 18 | 18 | ## 16. Deferred taxation assets and liabilities | | 2004 | 2003 | | --- | --- | --- | | Deferred tax | | | | Deferred tax asset | 2,406 | 2,163 | | Deferred tax liability | (580) | (274) | | | 1,603 | 1,500 | ## Income Station of movement in deferred tax | | Deferred tax | | --- | --- | | As at December 3000 | (235) | | Recognized in the income statement | 2,222 | | Balance arising as a result of the PPA exercise in relation to Best Response Media | (28) | | Balance arising as a result of the Social Chain acquisition | (60) | | Balance arising as a result of the PPA exercise in relation to Social Chain | (380) | | As at December 3002 | 1,503 | | Recognized in the income statement | 321 | | As at 31 December 3004 | 1,630 | # Notes to the Financial Statements ## 17. Trade and other receivables | | 2004 | 2003 | | --- | --- | --- | | Trade receivables | 5,093 | 4,549 | | Less allowance for expected credit losses | (101) | (351) | | Net trade receivables | 4,933 | 4,109 | | Debtized as new | 1,360 | 1,300 | | Other receivables | 2,122 | 1,664 | | | 8,424 | 6,123 | | | 2004 | 2003 | | --- | --- | --- | | Net overdue | 3,316 | 2,687 | | Net more than three months | 1,568 | 1,577 | | More than three months but not more than six months | 38 | 67 | | More than six months but not more than one year | 141 | 56 | | More than one year | (52) | (239) | | | 4,932 | 4,588 | | | 2004 | 2003 | | --- | --- | --- | | Gaining premium | (381) | (581) | | Premiums from acquisition of Social Chain | - | (51) | | Receivables provided for during period | (181) | (212) | | Reversal of previous provisions | 301 | 493 | | | (181) | (301) | --- 80 80 # Notes to the Financial Statements For the year ended December 31, 2016 ## 18. Trade and other payables | | 2004 | 2003 | | --- | --- | --- | | Trade payables | 3,547 | 2,778 | | Other taxation and social security | 809 | 1,796 | | Contract liabilities | 1,448 | 1,246 | | Accrual | 3,777 | 2,582 | | Total | 8,357 | 8,357 | The above is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. ## 19. Lease Liabilities | | 2004 | 2003 | | --- | --- | --- | | Lease Liabilities | 1,448 | 1,246 | | Current | 249 | 312 | | Non current | 1,463 | 1,197 | | Total | 1,711 | 1,699 | The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. | | No. of right-of-way assets issued | Range of remaining assets | Average remaining lease time | No. of losses with reference options | No. of losses with termination options | | --- | --- | --- | --- | --- | --- | | Other building | 3 | 1.5 - 5 years | 2-6 years | - | - | # Notes to the Financial Statements For the year ended December 31, 2016 The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. The above report is a general report of the financial statements made by the Federal Reserve Bank of San Francisco, as of the date of the receipt of this report. ## 20. Bank loans | | 2004 | 2003 | | --- | --- | --- | | Loan 11 year | 18 | 12 | | Loan 11 year | 116 | 143 | | Total | 585 | 753 | --- 88 # Notes to the Financial Statements ## 21. Provisions for liabilities | | 2004 | 2003 | | --- | --- | --- | | Disponibility provision | 14 | 397 | | Other provisions | 250 | 118 | | | 254 | 418 | | | Provision | | --- | --- | | As at 31 December 2003 | 185 | | Purpose of disposition provision | (385) | | Disposition provision from Social Chain acquisition | 297 | | Other provisions from Social Chain acquisition | 118 | | As at 31 December 2003 | 319 | | Purpose of disposition provision from Social Chain | (363) | | Other provisions from Social Chain | 81 | | As at 31 December 2004 | 224 | ## 22. Share capital | | At 31 December 2004 | | At 31 December 2003 | | | --- | --- | --- | --- | --- | | | % (in millions) | 10% | % (in millions) | 10% | | Ordinary share capital | | | | | | Ordinary shares of 02001 | 1,391,815,547 | 1,393 | 1,284,247,283 | 1,384 | ## Rights attributable to ordinary shares ## 23. Reconciliation of share capital | At 31 December 2003 | 1,560,816,000 | 1,581 | 64,551 | | --- | --- | --- | --- | | Shares issued in the period | | | | | Gender playing | 208,321,740 | 208 | 6,544 | | Share options examined | 239,540 | 1 | | | At 31 December 2003 | 1,263,247,060 | 1,268 | 69,095 | | Share options examined | 1,660,640 | 4 | 27 | | Capital in the tax rate | | | (49,752) | | At 31 December 2004 | 1,291,812,967 | 1,292 | | 89 # Notes to the Financial Statements ## 24. Share options | | 2004 | 2003 | | --- | --- | --- | | Expected not on life | 4 years | 4 years | | Expected volatility | 52% | 56% | | Weighted average volatility | 10% | 20% | | Non-free interest rate | 0.53% | 0.53% | | Expected dividend yield | 3% | 3% | | | Number | Weighted average over-the-price | | --- | --- | --- | | For the year ended 31 December 2003 | | | | Outstanding at the beginning of the year | 63,300,135 | 0.93p | | Grants during the year | 27,000,000 | 2.3p | | Excessive during the year | 1,600,040 | (0.11p) | | Cancelled during the year | 12,250,000 | (1.61p) | | Outstanding at the end of the year | 87,404,504 | 1.43p | | Excessible at the end of the year | 24,859,015 | 1.54p | | | Number | Weighted average over-the-price | | --- | --- | --- | | For the year ended 31 December 2004 | | | | Outstanding at the beginning of the year | 91,903,584 | 1.43p | | Grants during the year | 7,800,000 | 2.45p | | Excessive during the year | (3,644,447) | (1.64p) | | Cancelled during the year | (14,446,566) | 2.12p | | Outstanding at the end of the year | 80,492,205 | 1.50p | | Excessible at the end of the year | 49,440,149 | 1.23p | --- # Notes to the Financial Statements ## 25. Undertakings included in the financial statements | | Class of share held | Country of incorporation | Proportion held | Nature of business | | --- | --- | --- | --- | --- | | Direct subsidiary | | | | | | Brave B son 2021 Limited | Ordinary | UK | 100% | Non-trading | | Indirect subsidiaries | | | | | | Base 78 Limited | Ordinary | UK | 100% | Non-trading | | Base 79 Kaino UL | Ordinary | Spain | 100% | Non-trading | | Best Response Media Limited | Ordinary | UK | 100% | Commerce agency | | Brave B son Asia Pacific Pte | Ordinary | Singapore | 100% | Non-trading | | Brave B son Brigaud DK00 | Ordinary | Bulgaria | 100% | Web development | | Brave B son Limited | Ordinary | UK | 100% | Online sales distribution | | Brave B son Commerce Limited | Ordinary | UK | 100% | Commerce agency | | Brave B son Performance Limited | Ordinary | UK | 100% | Performance marketing | | RigNo24 India LLP | Ordinary | India | 100% | Non-trading | | Social Share Limited | Ordinary | UK | 100% | Social media agency | | Social Share 204 Inc | Ordinary | USA | 100% | Social media agency | | Vital Management Limited | Ordinary | UK | 100% | Non-trading | ## 26. Financial Instruments | | As of 31 December 2004 | As of 31 December 2003 | | --- | --- | --- | | Categories of financial instruments | | | | Financial assets at amortised cost | | | | Trade and other commodities | 9,473 | 5,930 | | Cash and bank balances | 7,003 | 6,638 | | | 17,076 | 12,752 | | Financial liabilities at amortised cost | | | | Trade and other payables | 8,046 | 8,759 | | Lease liabilities | 1,701 | 1,699 | | Bank Lease | 186 | 162 | | | 9,080 | 10,601 | # Notes to the Financial Statements ## Financial risk management Financials are not included in the financial statements. The financial risk management system is based on the following data: ### Foreign currency risk The current foreign currency rate is 100% (100% of the total currency) and the current exchange rate is 100%. Financial assets | | Shading | US Dollar | Singapore Dollar | Kaino | Other | Total | | --- | --- | --- | --- | --- | --- | --- | | Financial assets | 10,406 | 1,460 | 47 | 262 | 71 | 10,770 | | Financial liabilities | (4,433) | (1,662) | 72 | 207 | (63) | (10,807) | | Total exposure at 31 December 2003 | 1,011 | 110 | 51 | 236 | (16) | 2,183 | | Financial assets | 15,374 | 1,411 | 7 | 187 | 86 | 17,076 | | Financial liabilities | (4,020) | (1,842) | (7) | 321 | (92) | (8,982) | | Total exposure at 31 December 2004 | 1,214 | 1,031 | (4) | 170 | 76 | 1,363 | ### Sensitivity analysis | | 10% Increase US dollars | 10% Increase US dollars | 10% Increase Singapore Dollars | 10% Increase Hong Kong Dollars | 10% Increase Euro | 10% Increase Euro | | --- | --- | --- | --- | --- | --- | --- | | Impact on loss and equity | | | | | | | | For the year-to-31 December 2003 | 4 | 21 | 1 | 171 | 171 | 31 | | For the year-to-31 December 2004 | 43 | 431 | | | 230 | 72 | ## Credit risk Credit is a non-profit investment in the industry. The credit rate is based on the following data: --- # Notes to the Financial Statements ## Interest rate risk The following table shows the total interest rate of the financial statements presented in this report. The total interest rate is calculated as follows: ### Capital policy The total interest rate is calculated as follows: ### Capital pay The total interest rate is calculated as follows: ### Financial instruments measured at fair value The total interest rate is calculated as follows: ### Maturity analysis The total interest rate is calculated as follows: | | Total assets | Less than 1 year (1,000) | 1-5 years (1,000) | 5-9 Years (1,000) | | --- | --- | --- | --- | --- | | As at 31 December 2003 | | | | | | Trade and other payables | 8,765 | 8,795 | | | | Less and above as | 1,009 | 315 | 1,532 | 366 | | As at 31 December 2004 | | | | | | Trade and other payables | 8,946 | 8,946 | | | | Less or above as | 1,712 | 244 | 1,198 | 288 | # Notes to the Financial Statements ## 27. Transactions with Directors and other related parties ### Accounts charged to General Marketing Services Limited by Bravs Bison | Percentage for AM related salary | 35 | 33 | | --- | --- | --- | | Percentage for IT related salary | 31 | 33 | | Percentage for liabilities and salary | 10 | 11 | | Percentage for other expenses | 1 | - | | Charge for marketing related costs | 8 | - | | Charge for property related costs | 11 | 16 | | Charge for share related work | 56 | 18 | | Charge for IT related costs | - | 10 | | Percentage of other staff costs | 150 | 125 | ### Accounts charged to Bravs Bison by Tangent Marketing Services Limited | Charge for client related work | 27 | | --- | --- | | | 67 | ### Accounts charged to Printed Group Limited by Bravs Bison | Charge for property related costs | 50 | 59 | | --- | --- | --- | | Charge for share related work | 66 | 96 | | | 124 | 115 | | | 124 | 115 | ### Antoets owed by Tangent Marketing Services Limited | Antoets owed by Printed Group Limited | 1 | | --- | --- | --- 88 # Notes to the Financial Statements ## 28. Reconciliation of liabilities arising from financing activities | | Loose Liabilities | Bank Loans + 1 year | Bank Loans + 1 year | Total | | --- | --- | --- | --- | --- | | At 31 December 2013 | 1,600 | 143 | 10 | 1,850 | | Cash flows | 16 | (17) | 9 | 151 | | At 31 December 2014 | 175 | 151 | 10 | 1,447 | ## 29. Post balance sheet events | | Book value | Fair value adjustments | Fair value | | --- | --- | --- | --- | | Goodwill | - | 11,031 | 11,031 | | To-gold Assets | 194 | - | 154 | | Trash and other necessities | 300 | - | 399 | | Cash and cash equivalents | 460 | - | 465 | | Current liabilities | (2,811) | - | (2,820) | | Non-current liabilities | 1985 | - | (193) | | Deferred tax | (55) | - | (29) | | | (2,521) | 11,931 | 8,516 | Contingent share consideration Contingent cash consideration 2,000 0.500 ## Notes to the Financial Statements | | Book value | Fair value adjustments | Fair value | | --- | --- | --- | --- | | Goodwill | - | 3,918 | 2,918 | | To-gold Assets | 71 | - | 32 | | Trash and other necessities | 436 | - | 428 | | Cash and cash equivalents | 200 | - | 200 | | Current liabilities | (822) | - | (822) | | Non-current liabilities | (37) | - | (37) | | Deferred tax | (55) | - | (55) | | | (364) | 2,916 | 2,954 | Contingent share consideration Contingent cash consideration 2,000 0.500 --- 88 Company Balance Sheet | | At 31 December 2004 | At 31 December 2003 | | --- | --- | --- | | | £'000 | £'000 | | Fixed asset investments | | | | Investments in subsidiaries | 21 | 1,087 | | Current Assets | | | | Debtors | 10 | 28,089 | | Cash and cash equivalents | | 6 | | | | 22,215 | | Current Liabilities | | | | Creditors' amounts falling due within one year | 23 | 11,2681 | | | | 11,2681 | | Total assets less current liabilities | | 22,243 | | Capital and reserves | | | | Capital up share capital | 54 | 1,280 | | Share premium account | 54 | - | | Capital redempts in reserve | | - | | Merges retail reserve | | - | | Non-licitable reserve | | 156,436 | | Of receipt and reserve | | 6,270 | | Profit and cost account | | (148,765) | | | | 22,243 | 89 Company Statement of Changes in Equity | | Share Capital | Share Premium | Capital redemption Reserve | Merges retail Reserve | Notify stable Reserve | Share options reserve | Profit and loss account | Total Equity | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 100% | 1,440 | 1,440 | 1,440 | 1,440 | 1,440 | 100% | 1,440 | | At 1 January 2008 | 1,087 | 64,033 | 1,440 | 62,624 | - | 7,618 | (143,784) | 16,590 | | Shares issued during the year | 323 | 4,544 | | | | | | 4,751 | | Transactions with owners | 223 | 1,544 | | | | | | 4,751 | | Other Comprehensive Income | | | | | | | | | | Profit and total comprehensive income for the year | - | - | - | - | - | 4.15 | 14 | 223 | | At 31 December 2008 | 1,088 | 64,035 | 0,660 | 62,624 | - | 7,693 | (143,784) | 20,870 | | Shares issued during the year | 4 | 27 | - | - | | | 27 | | Capital restrictions | - | 39,060 | (6,482) | (80,874) | 158,436 | - | - | - | | Transactions with owners | 6 | (57,243) | (6,482) | (80,874) | 158,436 | - | - | 67 | | Other Comprehensive Income | | | | | | | | | | Profit and total comprehensive income for the year | | | | | | 183 | 171 | 213 | | At 31 December 2004 | 1,082 | | | | 128,128 | 9,270 | (143,781) | 22,243 | --- 68 # Notes to the Financial Statements ## 30. Accounting Policies The financial statements of the Federal Reserve Bank of San Francisco, as of the date of the receipt of this form, are as follows: ### General Location The bank is located at the bank office, at the address of the bank office, at the bank office, and at the bank office at the address of the bank office. The bank has the right to pay for the bank account, and the bank has the right to pay for the bank account at the bank office. ### Debtors The bank has the right to pay for the bank account at the bank office. ## Notes to the Financial Statements ### Exemptions The bank has the right to pay for the bank account at the bank office. The bank has the right to pay for the bank account at the bank office. ### Significant judgments and estimates The bank has the right to pay for the bank account at the bank office. ## Notes to the Financial Statements in subsidiaries and associates | Investments | 2004 | 2005 | | --- | --- | --- | | Cost of investments: Enough forward | $64 | $44 | | Investment in Social Chain | | $4,716 | | Transfer at Investments to Share Room 1531 Limited | | $14,7540 | | Additions from equity section share-based payments | $362 | $435 | | Cost of investment carried forward | $1,767 | $631 | --- 88 # Notes to the Financial Statements The information contained herein is the property of the Financial Statements and the other documents. The information contained herein is the property of the Stock Exchange and other documents. The information contained herein is the property of the Stock Exchange and other documents. ## 31. Creditors | Item | Class of share held | Country of incorporation | Proportion held | Nature of interest | | --- | --- | --- | --- | --- | | Direct subsidiary | | | | | | None B von 2021 Limited | Ordinary | UK | 100% | Non-trading | | Indirect subsidiaries | | | | | | Base TV Limited | Ordinary | UK | 100% | Non-trading | | Base TV Items B1 | Ordinary | Spain | 100% | Non-trading | | Best Response Media Limited | Ordinary | UK | 100% | Commercial agency | | Iowa & son Asia Pacific Pte | Ordinary | Singapore | 100% | Non-trading | | Black Book Limited | Ordinary | UK | 100% | Online value distribution | | Black Book Commerce Limited | Ordinary | UK | 100% | Commercial agency | | Black Book Performance Limited | Ordinary | UK | 100% | Performance marketing | | Rightbank via LLP | Ordinary | India | 100% | Non-trading | | Social Chain Limited | Ordinary | UK | 100% | Social media agency | | Social Chain USA Inc | Ordinary | USA | 100% | Social media agency | | Viral Management Limited | Ordinary | UK | 100% | Non-trading | ## 32. Debtors | | 2004 | 2003 | | --- | --- | --- | | Amount used by gross undertakings | 62,868 | 50,386 | | Provision for amount used by gross undertakings | (10,001) | (10,001) | | | 32,329 | 22,329 | ## 33. Creditors | | 2004 | 2003 | | --- | --- | --- | | Amount used by gross undertakings | 1,344 | 1,344 | | Trade and other payable | (38) | (9) | | Accruals | 31 | 31 | | | 1,358 | 1,360 | 89 # Notes to the Financial Statements ## 34. Capital and reserves | At 31 December 2022 | | At 31 December 2020 | | | --- | --- | --- | --- | | Amount | Rate | Amount | Rate | | Ordinary share capital | | | | | Ordinary shares of £0.021 | 1,391,573,247 | 1,389 | 1,360,147,760 | | Total ordinary share capital of the Company | | 1,392 | | ## 35. Stock Exchange | Item | Value (millions) | Amount (millions) | | --- | --- | --- | | At 31 December 2022 | 1,060,416,700 | 1,081 | | Share options in the period | | | | Vendor placing | 200,227,740 | 200 | | Share options exercised | 929,540 | 1 | | At 31 December 2022 | 1,084,147,680 | 1,084 | | Share options exercised | 2,086,887 | 4 | | Capital on monitoring | | | | At 31 December 2024 | 1,247,414,047 | 1,242 | --- # Company information and advisers | | Oliver Green Theo Green Philippa Norridge Matthew Law Gordon Brough | | --- | --- | | The Board of Directors | | | Company secretary | Philippa Norridge | | | 2 Stephen St | | | London | | Registered office | W1T 1AN | | Company number | 08754680 | | | Barclays Bank plc 1 Churchill Place Canary Wharf London | | Bankers | E14 5HP | | | Moore Kingston Smith LLP 9 Appold Street London | | Auditors | EC2A 2AP | | | CMS Cameron McKenna Nabarro Olswang LLP 1 The Avenue Manchester | | Solicitors | M3 3AP | | | Cavendish Capital Markets Limited 1 Bartholomew Close London | | NOMAD and Broker | EC1A 7BL | --- ANNUAL REPORT # Brave Bison 2 Stephen St London W1T 1AN bravebison.com